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HCS/HB 1941 - This act provides that fantasy contests are not considered gambling in the state of Missouri. Fantasy contests are games or contests where winners are eligible to receive something of value, the value of prizes is made known to participants before the contest, winning reflects the knowledge and skill of participants, and winning is not based on score, point spread, or performance of a single team, combination of teams, or an individual athlete or player in a single event. Under this act, fantasy contest operators as defined in the act are required to register with the Department of Insurance, Financial Institutions and Professional Registration annually. The initial registration is $5,000 and the annual renewal shall be determined based on entry fees collected less the value of cash prizes. Any annual registration fee shall not exceed $5,000. A fantasy contest operator must follow certain procedures related to operating a contest such as restricting participation to certain individuals and keeping player funds separate from operational funds. Fantasy contest operators are required to contract with an independent accounting firm to provide annual audits. Any violation of these rules is subject to a $1,000 penalty per occurrence. This act provides that fantasy sports contests are exempt from gambling and criminal gambling laws. This act allows fantasy sports contests on excursion gambling boats and adjacent property. This act is similar to SB 1045 (2016). DOMENIC SITA
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